Irish consumer sentiment recovers from Brexit slump

New figures show a mild easing of fears regarding the country's economic outlook...

Fresh data shows that Irish consumer sentiment recovered in August, after taking a hit in July.

The KBC Bank Ireland/ESRI consumer sentiment survey recorded a measure of 102.7 in August, up from 99.6 in the previous month.

August's reading is still below the 15-month high that the index climbed to when it registered a score of 108.6 in January.

KBC Bank Ireland's chief economist Austin Hughes commented on the figures, he said that the "economic sky" did not fall in after the UK indicated its intention to leave the EU, even if it did make the outlook "a lot cloudier."

"Irish consumers appear to be waiting for a clearer picture in regard to the general economic outlook as well as what may happen to their own spending power before confidence effects impart any major boost to household spending," he continued.

Daniel Foley from the ESRI added, “Consumer sentiment appears to have recovered somewhat after a fall in confidence following the Brexit referendum result ... The results for the main index suggest that consumer optimism has moved back in line with its longer-term trend following a brief slowdown in the last few months."